A conversation with Vikram Pandit, CEO of Citigroup
By Barry Ritholtz - November 26th, 2008, 12:30PM
Macro Notes
Consumer Credit continues downward trendPeter Boockvar
Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July '08. After a flat reading in Aug, (didn't fall b/c of the CARS program), non revolving debt outstanding fell by $4.9B. Revolving (mostly credit cards) balances outstanding fell by $9.9B. To fully put into perspective today's data, look at the current level of consumer credit (doesn't include mortgages, the biggest chunk of consumer credit) relative to GDP. As of Q3, it totaled 17.2%...
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November 26th, 2008 at 2:44 pm
Is it possible to short Vikram Pandit, if so I’m a huge naked shorter. His basic message: not our fault, we could have never known! pathetic.
November 26th, 2008 at 3:28 pm
This interview leaves me fuming. Rose asks real, pertinent questions and Pandit answers with one slogan after another. This imbecile just got bailed out with a huge amount of our money? This makes me question everything, and maybe those, like Mark Faber and Jim Rogers are on to something when they suggest these guys will be back for more and it will only end when the US declares bankruptcy.
November 26th, 2008 at 11:45 pm
Pandit the Bandit, an incompetent jerk.
November 27th, 2008 at 3:27 am
Right, no mistakes were made at Citi, he says, and no risk manager could have seen the housing crash coming. I guess that means no lessons have been learned from those non-mistakes, and nothing’s wrong with their risk management.
November 27th, 2008 at 9:01 am
It amazes me that this nincompoop is considered a financial brain who is among the smartest in the room. He had nothing new to offer except that he has been at Citi for 11 months and no more. How easy it is to say we were all in it together! Is is surprising that C will continue to remain in the quagmire till he is around and Robert Rubin to bail him out of his incompetence to protect his “reputation”. God Bless the Dollar now. That is really the only resort, isn’t it?